Barclays Increases Bank of America (NYSE:BAC) Price Target to $53.00

by · The Cerbat Gem

Bank of America (NYSE:BAC) had its target price boosted by Barclays from $49.00 to $53.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other research analysts have also commented on BAC. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Oppenheimer upped their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Check Out Our Latest Research Report on BAC

Bank of America Stock Down 0.6 %

BAC opened at $42.33 on Wednesday. The company has a fifty day moving average price of $39.89 and a 200-day moving average price of $39.41. The firm has a market capitalization of $331.04 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. Equities research analysts expect that Bank of America will post 3.25 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,633,120 shares of company stock valued at $5,862,871,640. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC grew its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the first quarter worth about $33,000. 70.71% of the stock is owned by institutional investors.

About Bank of America

(Get Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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